Occidental Chemical Corp. and Olin Corp. reached a $7.1-million settlement in the last of four cases in the Love Canal area of Niagara Falls, N.Y., the site of one of the most famous U.S. toxic waste disasters. For cleanup costs, the companies will reimburse the federal government $6 million and the state of New York $610,000, and will pay $500,000 for damaging natural resources, federal and state agencies said in Washington, D.C.

Olin Corp. said the investment banking firm of Morgan, Lewis, Githens & Ahn Inc. has agreed in principle to organize a leveraged buy-out of Olin's Ecusta cigarette paper and fine printing paper business. The company said previously announced negotiations between Olin and First Boston Corp. regarding the Ecusta sale have been terminated. Olin said it is anticipated that Ecusta's current management will continue to run the operation and will have a stock interest in the new company.

Arco to Buy Olin Plastics Unit: Olin Corp. plans to spin off its aerospace and ordnance operations, and sell its polyurethane business to Arco Chemical Co. for $565 million to boost profit margins and strengthen its balance sheet. The Norwalk, Conn.-based company also would split its common shares 2-for-1, repurchase as much as 10% of its stock and seek a buyer for a Kentucky business that makes chemicals used in household cleaners.

EPA Imposes Superfund Order on Oxy, Olin: Unable to reach a cleanup agreement for the 102nd Street landfill Superfund site in Niagara Falls, N.Y., the U.S. Environmental Protection Agency has issued an administrative order to Olin Corp. and Occidental Chemical Corp., a subsidiary of Los Angeles-based Occidental Petroleum Corp., to accept the agency's plan.

Occidental Chemical Corp. and Olin Corp. reached a $7.1-million settlement in the last of four cases in the Love Canal area of Niagara Falls, N.Y., the site of one of the most famous U.S. toxic waste disasters. For cleanup costs, the companies will reimburse the federal government $6 million and the state of New York $610,000, and will pay $500,000 for damaging natural resources, federal and state agencies said in Washington, D.C.

Spencer T. Olin, 96, former executive of munitions maker Olin Corp. and leading Republican Party supporter. He was vice president of Olin Corp. when its Winchester Repeating Arms subsidiary turned out 15 billion rounds of ammunition for the Allies during World War II. Olin's father, Franklin, founded Olin Industries in 1892. The younger Olin raised millions for the 1952 presidential campaign of Dwight D.

Merger of Ammunition Makers Blocked: The Federal Trade Commission sought a court order to halt the merger of the only two manufacturers of certain types of ammunition used by the Defense Department for the Abrams tank and Apache helicopter. The FTC said Alliant Techsystems Inc.'s acquisition of Olin Corp.'s ordnance division "would substantially reduce competition in the U.S. markets for these types of ammunition." Alliant Techsystems, based in Edina, Minn.

Spencer T. Olin, 96, former executive of munitions maker Olin Corp. and leading Republican Party supporter. He was vice president of Olin Corp. when its Winchester Repeating Arms subsidiary turned out 15 billion rounds of ammunition for the Allies during World War II. Olin's father, Franklin, founded Olin Industries in 1892. The younger Olin raised millions for the 1952 presidential campaign of Dwight D.

National Technical Systems Inc., a Calabasas-based provider of testing and engineering services, said it signed a contract with a Florida company to jointly build a ballistic test firing range at National Technical's facility in Camden, Ark. The agreement with Olin Ordnance Division in St. Petersburg, Fla., is for 10 years. National Technical will maintain and operate the test range in support of Olin's ordnance development programs. Financial terms of the agreement were not released.

Merger of Ammunition Makers Blocked: The Federal Trade Commission sought a court order to halt the merger of the only two manufacturers of certain types of ammunition used by the Defense Department for the Abrams tank and Apache helicopter. The FTC said Alliant Techsystems Inc.'s acquisition of Olin Corp.'s ordnance division "would substantially reduce competition in the U.S. markets for these types of ammunition." Alliant Techsystems, based in Edina, Minn.

EPA Imposes Superfund Order on Oxy, Olin: Unable to reach a cleanup agreement for the 102nd Street landfill Superfund site in Niagara Falls, N.Y., the U.S. Environmental Protection Agency has issued an administrative order to Olin Corp. and Occidental Chemical Corp., a subsidiary of Los Angeles-based Occidental Petroleum Corp., to accept the agency's plan.

AT&T signed an agreement Monday to share a key ingredient used to make advanced semiconductors under the auspices of Sematech, the consortium of computer chip makers formed to boost U.S. semiconductor competitiveness. Under the agreement, American Telephone & Telegraph Co. will allow a division of Olin Corp. to make and sell a chemical used to etch extremely detailed electronic circuitry on chips.

Arco to Buy Olin Plastics Unit: Olin Corp. plans to spin off its aerospace and ordnance operations, and sell its polyurethane business to Arco Chemical Co. for $565 million to boost profit margins and strengthen its balance sheet. The Norwalk, Conn.-based company also would split its common shares 2-for-1, repurchase as much as 10% of its stock and seek a buyer for a Kentucky business that makes chemicals used in household cleaners.

AT&T signed an agreement Monday to share a key ingredient used to make advanced semiconductors under the auspices of Sematech, the consortium of computer chip makers formed to boost U.S. semiconductor competitiveness. Under the agreement, American Telephone & Telegraph Co. will allow a division of Olin Corp. to make and sell a chemical used to etch extremely detailed electronic circuitry on chips.